Barclays launches new mortgage service in Dubai

Barclays Buying Abroad has launched a new property purchase service for people buying homes or buy to let investments in Dubai.

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This latest initiative from Barclays, which includes competitive new mortgages in sterling, euros, US dollars and UAE dirham, local accounts and English speaking support teams in Dubai, comes at a time when despite the reputation for high-end, deluxe and luxury residences, there are still off-plan apartments available for under GBP100,000. The new service will allow customers to borrow up to 90% of the market value of the new property.

With the 800 new Dubai work and residency visas currently being issued every day and an estimated 300,000 apartments set to come onto the market in the next four years, the bank is expecting a good response to its new service.

Richard Exton, director of Barclays Buying Abroad, said: There has been a real growth of late in the number of multinational businesses opening Dubai offices as the Emirate responds to double digit growth in its economy over the last five years.

We are therefore seeing a shift from people looking for luxury holiday or retirement homes to those looking to live and work in the UAE. That is adding to the market dynamic and we have seen a major boost in enquiries which convinced us that people are looking for a lot more support to help them through the process out there.